Jazeera Airways K.S.C - the only airline in the Middle East that is neither owned nor subsidized by any government, announced today it has received final approval to list on the Kuwait Stock Exchange (KSE) on January 14. The KSE is the second largest exchange in the Middle, with a market capital of more than 200 billion USD.
Jazeera Airways was established in 2004 with a capital of USD 34 million, 70% of which was raised through a nation-wide upfront IPO that generated a shareholder base of 36,500 individuals and organizations. The airline started operations on October 30, 2005 with two brand Airbus A320s with leather seats. Since then, the Jazeera Airways grew its fleet to 6 new Airbus A320s, grew its network to 25 non-stop routes across 12 countries in the Middle East, Europe, North Africa, and the Indian Subcontinent, and introduced a second hub in Dubai.
Last month, the airline doubled its capital through a rights issue to existing shareholders. The airline is poised for more growth as it receives the rest of a 40-aircraft order placed at the 2007 Le Bourget Paris Air Show. On delivery of all 40 aircraft by 2014, Jazeera Airways will be the largest Airbus A320 operator in the Middle East.
In 2006, the airline's first full operational year, Jazeera Airways reported profits worth USD 8.7 million (KD 2.5 million).